Siemens has signed an agreement to acquire all of eMeter Corporation’s stock. The deal is expected to be finalized in December 2011, subject to necessary approvals. Terms of the agreement have not been disclosed but eMeter will continue to operate from its San Mateo headquarters as part of the Smart Grid Division.
According to eMeter, the company becomes part of the Siemens Infrastructure & Cities and “will become a global business segment and center of competence for Meter Data Management (MDM).” Additionally, eMeter employees will be integrated into the Siemens business structure.
eMeter is a leader in platform and MDM application and its expertise will complement Siemens’ technology portfolio and integrated Smart Grid solutions offering.
Jan Mrosik, CEO of the Smart Grid Division of the Siemens Infrastructure & Cities Sector, says, “The acquisition of eMeter will allow Siemens to expand its reach globally in the Energy Information and Meter Data Management space. Ever-increasing demand for solutions to improve the effectiveness of the Smart Grid for cities and utilities makes this acquisition even more important. eMeter is renowned for its superior software and services capabilities that enable electric, gas and water utilities to realize the full benefits of the Smart Grid. A combined portfolio of Siemens’ products and solutions and eMeter’s software represents a unique and complementary offering to our customers.”
eMeter chief executive officer and president Gary Bloom, adds, “Siemens’ global reach and innovative products and services coupled with eMeter’s renowned EnergyIP platform, supports an aggressive growth strategy and further penetration into the Smart Grid market. I am confident Siemens will provide eMeter with the level of investment required in people, technology and operations to significantly strengthen our position in the market.”